Sterling Infrastructure (NASDAQ:STRL) has received an amendment to its 2019 credit agreement that extends the maturity of the credit facility to June 2028, expands the size of the facility, and improves flexibility.
The amended credit facility consists of a $300M term loan and a $150M revolving credit facility. As of June 5, 2025, $300M in borrowings were outstanding under the term loan, the revolving credit facility was undrawn, and cash and cash equivalents totaled $785M.
Additional features of the amended facility include the ability to increase the credit facilities by an amount not to exceed the greater of $400M or 100% of the company’s EBITDA, plus an unlimited amount up to 2.0X total net leverage.
Loans under the credit facilities bear interest at either a base rate or SOFR plus an applicable margin based on the total net leverage ratio. The applicable margin rates under the amended facility were reduced by 25 basis points.
STRL +1.2185057527064420602941890383028302% premarket to $208.5
